Bankrupt Pakistan gets loan of Rs 2840000000000 from…, India plans to…

Disregarding India’s concerns, the IMF maintained that Pakistan had met all the necessary conditions for the loan. India, however, has voiced fears that the funds could be used to support cross-border terrorism.

New Delhi: China has once again extended support to bankrupt Pakistan by providing a loan of USD 3.4 billion. According to a Reuters report, Pakistan has also received loans in recent days from other lenders in the Middle East. The Reuters report, citing sources, states that Pakistan has received an additional loan of 1 billion US dollars from commercial creditors in the Middle East.

Additionally, Pakistan has raised around 500 million US dollars through multilateral funding. The recent loans will help Pakistan boost its foreign exchange reserves to a respectable level.

Lifeline for Pakistan

It is important to note that Pakistan’s foreign exchange reserves are critically low. However, as per the conditions set by the International Monetary Fund (IMF), Pakistan must have at least 14 billion US dollars in foreign reserves by June 30 — the end of the current financial year. In such a situation, Pakistan was eagerly waiting for assistance to meet the IMF’s requirements.

Even the IMF had given alms

Despite widespread opposition, Pakistan recently received a USD 1 billion loan from the IMF. Disregarding India’s concerns, the IMF maintained that Pakistan had met all the necessary conditions for the loan. India, however, has voiced fears that the funds could be used to support cross-border terrorism.